Retiring in Minnesota: Key Facts
| Factor | Minnesota |
|---|---|
| Retirement Ranking | #27 of 51 |
| State Income Tax | 5.35%–9.85% |
| Retirement Income Tax | Fully taxed |
| Property Tax Rate | 1.12% |
| Median Home Value | $334,000 |
How Much Do You Need to Retire in Minnesota?
Using the 4% rule: your nest egg should be 25× your annual expenses.
| Annual Spending | Nest Egg Needed | Monthly from $1M |
|---|---|---|
| $30,000/yr | $750,000 | $3,333/mo |
| $40,000/yr | $1,000,000 | $3,333/mo |
| $50,000/yr | $1,250,000 | $3,333/mo |
| $60,000/yr | $1,500,000 | $3,333/mo |
| $75,000/yr | $1,875,000 | $3,333/mo |
| $100,000/yr | $2,500,000 | $3,333/mo |
Calculate Your Minnesota Retirement Date
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Is Minnesota a good state to retire in?
Minnesota ranks #27 for retirement. It has average retirement conditions.
Does Minnesota tax Social Security?
Minnesota may tax Social Security benefits as regular income depending on your total income.
Related: 401k Calculator · Savings by Age